Chery Automobile plans to invest $1 billion in Turkey to build an electric vehicle factory with an annual production capacity of 200,000 units.
IT Home reported on March 26 that, according to Bloomberg, Chinese automaker Chery Automobile Company will invest $1 billion (approximately 7.262 billion yuan at current exchange rates) to build an electric vehicle factory in Turkey.
According to the announcement made by the Turkish Ministry of Industry on Wednesday regarding this investment.Chery will build a new factory in Samsun, Turkey, to produce electric vehicles and parts, with an expected annual production capacity of 200,000 vehicles.
This investment is of great significance to the Turkish government. Recently, the Turkish government has faced a week of protests domestically, and there has been an outflow of foreign capital during the crackdown on opposition. For many years, Turkey has been trying to leverage its geographical advantage of connecting Asia and Europe to promote the development of its manufacturing industry.
According to an announcement from the Turkish Ministry of Industry, the project also includes a research and development center and is expected to create 5,000 jobs.
Chery's expansion in Turkey will enhance the influence of Chinese car manufacturers in the country, which is gradually becoming a hub for their exports to Europe. Previously, BYD, one of the world's largest electric vehicle manufacturers, announced last year that it would invest $1 billion in a factory in Turkey to circumvent EU tariffs. Although Turkey is not a member of the EU, it has a customs agreement with the EU.
According to informed sources, the Turkish government has allocated 1.5 million square meters of land for the Chery project, and both parties have been in negotiations for about a year. The source also indicated that the location of the Samsun factory is strategically significant, facilitating exports to Europe and Central Asia.
Turkey itself is also an important market for electric vehicles, with electric vehicles accounting for 11% of new car sales in the country last year. The research firm BMI predicts that by 2032, electric vehicles will make up about 30% of new car sales in Turkey.
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